Do Kwon, the wanted co-founder and CEO of Terraform Labs / Screenshot from Youtube

Do Kwon, the wanted co-founder and CEO of Terraform Labs accused of fraud following the massive collapse of the blockchain firm's cryptocurrencies, is currently in Serbia, prosecutors said Monday.

The Seoul Southern District Prosecutors Office obtained intelligence that Kwon has stayed in Serbia for about month after leaving the United Arab Emirates. He was most recently spotted in Singapore in early September.

The disgraced entrepreneur has been under investigation for alleged fraud and tax evasion after investors in TerraUSD and Luna filed complaints against Kwon in May, accusing him of a Ponzi scheme over the loss of billions of won following the crash of both coins.

The prosecution office sought an arrest warrant for Kwon on charges of providing false information to investors, and Interpol also issued a red notice, used for the highest level of wanted suspects and criminals.

Kwon's passport has since been invalidated.

Kwon has denied most of the allegations and insisted on his Twitter account that he is not running.

Prosecutors are also investigating Daniel Shin, another co-founder of Terraform Labs, on charges of gaining illegal profits before the collapse of the coins. (Yonhap)